Thursday, September 10, 2009

How low Can you Go?

From NRO's Media Blog...just wow:

The Boston Globe was sold to the New York Times Co. for about $1 billion. The Philadelphia Inquirer was sold to Bruce Toll and the gang for about $515 million. The Chicago Sun-Times is on the block and the best offer so far is ... $5 million in cash and an agreement to pick up $20 million in debt and obligations.

Gives new meaning to "pennies on the dollar". As a former member of the industry (and one who rejoices daily at my freedom), I can't say, unfortunately, that I'm surprised.

Come to think of it, it's time for the quarterly check to see if Lee Enterprises is bankrupt yet...not that I can see but this analysis from earlier in the year is interesting.

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